Qatar to provide many incentives to foreign businessmen for investing in the country
Qatar had recently made a huge decision to allow foreign entities to take 100% stakes in companies in the country.
While the draft law was passed almost five months ago, the Qatari Cabinet gave its official nod to the draft law just a few days back.
Qatar’s draft law on ‘Regulation of Foreign Investment’ is set to provide many incentives to foreign investors including ‘exemption from customs duties and possibility of exemption from income tax,’ reported Gulf Times.
Besides allocating land for the establishment of projects by foreign investors, the law stipulates that ‘foreign investments are not subject to expropriation, according to the Ministry of Economy and Commerce (MEC).
Another major incentive for potential foreign investors is that they can transfer investment ownership from one investor to another. Another incentive is free transfer of investments within and outside the country.
The draft law regulating the investment of non-Qatari (foreign) capital in the country’s economic activity will attract 100% foreign capital in ‘all economic and commercial activities,’ the MEC said.
The aim of the draft law is to accelerate economic development, attract foreign investment in all economic and commercial activities, achieve economic diversification in line with the Qatar National Vision 2030, facilitate foreign investors' entry and increase confidence and investment safety in the country.
The most important features of the bill are that it “provides many guarantees that enhance the investment environment and allows investment in banks and insurance companies by a cabinet decision, provides for an increase in the State's tax revenues.
The draft law, the MEC said, is “based on the government’s spending power in settling foreign investments and provides many guarantees that enhance the investment environment.”
It also “offers attractive investment incentives and protects foreign and domestic investors from the risks of side agreements.”
The law “restricts commercial concealment and has been prepared in accordance with the best regional and global practices in this field.”
Yes thats true, I agree with @tomop123. I was working with Government organisation and though in agreement mentioned 1 month notice but they terminate (around 1000) next day.
"guarantees that enhance the investment environment" - in a country where rules can change overnight and without warning...